Kingfisher Mining (ASX: KFM) has unveiled strong high-grade copper-gold results from its Copper Blow prospect, reinforcing plans for a Maiden Mineral Resource Estimate.
This exploration success occurs as joint venture partner Broken Hill Mines (ASX: BHM) continues its operational ramp-up and development activities across its Australian assets.
Copper Blow Exploration Success
The Copper Blow Iron Oxide Copper Gold (IOCG) prospect, a joint venture where Kingfisher Mining holds 75% and Broken Hill Mines 25%, has delivered encouraging drilling results.
Six reverse circulation (RC) holes, totalling 930m, were completed in December 2025, marking the first drilling at Copper Blow in seven years.
Significant intercepts in the South Zone include 13m at 1.2% copper and 0.26 g/t gold from 23m, which contained a higher-grade section of 4m at 3.43% copper and 0.74 g/t gold from 23m.
Further south, another intercept revealed 7m at 2.11% copper and 0.32 g/t gold from 116m, including 4m at 3.32% copper and 0.53 g/t gold.
The North Zone also returned strong results, with 14m at 1.13% copper and 0.25 g/t gold from 9m, including 4m at 2.27% copper and 0.54 g/t gold.
These results confirm the continuity of broad, high-grade mineralisation over a 600m strike length, validating historical data.
Maiden Resource Estimate Imminent
The successful drilling campaign is a critical step towards a near-term Maiden Mineral Resource Estimate (MRE) for Copper Blow.
The confirmed continuity of mineralisation provides a solid foundation for this important milestone.
Follow-up drilling is already advancing for Q1 2026.
This next phase will further define and potentially expand the known mineralised zones, aiming to increase confidence in the resource.
BHM Operational Ramp-Up
Beyond its joint venture interests, Broken Hill Mines is making significant progress on its primary assets.
The company's Rasp Mine is actively ramping up towards its 750ktpa capacity.
The Main Lode ore body is now contributing to production, with initial stoping commencing in December and processing of development ore starting in October.
This ramp-up is expected to continue throughout 2026.
At the Pinnacles project, exploration continues to demonstrate high-grade silver-lead-zinc potential, with early works underway for a targeted production restart in Q2 2026.
Financial Health and Funding
Broken Hill Mines maintains a robust financial position, reporting A$45.1 million in cash at the end of the December 2025 quarter.
The company's total liquidity stands at A$90 million.
BHM has access to strong financing facilities, with A$37.4 million in unused capacity.
This includes a US$15 million undrawn portion from its Hartree facility.
The company achieved positive cash flow from operations of A$1.6 million in the December quarter, underscoring its operational efficiency as production scales up.
Key Investor Risks
Investors should be mindful of several key risks for Broken Hill Mines.
These include the inherent execution risk associated with ramping up production at the Rasp Mine and the planned restart of the Pinnacles project.
Regulatory risk remains, particularly concerning the timely renewal of key tenements such as CML7, which is required by December 2025.
Commodity price volatility could impact realised sales values for copper, gold, zinc, lead and silver.
Lastly, funding risk persists, with the need to successfully convert financing facilities and meet ongoing capital requirements.
